Based

bullish

United

Momentum

Million

<p>XLM, the native token of Stellar, appears to have completed its ongoing price correction as its on-chain metrics hint at a bullish outlook. Since the presidential election results in the United States, the overall cryptocurrency market has witnessed a significant upside rally. Amid this, XLM has recorded a substantial 430% gain.</p>  
<h2 class="wp-block-heading" id="h-63-million-of-xlm-outflow"><strong>$63 Million of XLM Outflow</strong></h2>  
<p>Following notable upside momentum, XLM is currently experiencing a price correction and appears to be consolidating within a tight range. Amid this ongoing consolidation, whales and investors seem to have increased their interest and confidence in the token, according to on-chain analytics firm Coinglass.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/12/05064646/image-28.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/12/05064646/image-28-1024x288.png" alt="" class="wp-image-389338"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Data from XLM spot inflow/outflow indicates that cryptocurrency exchanges have witnessed a significant $63 million outflow of XLM. In the cryptocurrency context, outflow refers to the movement of assets from exchanges to wallet addresses, potentially signaling buying pressure on the asset and reducing the likelihood of a price decline.</p>  
<p>This substantial outflow appears to be a bullish sign for the altcoin, as it is the first time XLM has experienced such a significant outflow from exchanges.</p>  
<h2 class="wp-block-heading" id="h-xlm-technical-analysis-and-upcoming-level"><strong>XLM Technical Analysis and Upcoming Level</strong></h2>  
<p>According to expert technical analysis, XLM, currently moving in a tight range between $0.42 and $0.60 level, whereas it is currently falling from the upper level of the zone to the lower zone. Based on recent price action, there is a strong possibility that the asset could initially drop by 15% to reach the lower level of $0.42 before experiencing a significant upward movement in the coming days.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/12/05064732/XLMUSDT_2024-12-05_06-47-22.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/12/05064732/XLMUSDT_2024-12-05_06-47-22-1024x448.png" alt="" class="wp-image-389339"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>As of now, the asset is trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating an uptrend. Whereas, its Relative Strength Index (RSI) on the daily time frame currently stands at 63, indicating that the asset still has room to soar.</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum"><strong>Current Price Momentum</strong></h3>  
<p>At press time, XLM is trading near $0.50 and has experienced a price drop of over 5.6% in the past 24 hours. During the same period, its trading volume dropped by 62%, indicating lower participation from traders and investors compared to the previous day.</p>

$63 Million of XLM Outflow, Bullish Signal or What

Table of Contents

CoinPedia News

Other articles published on Dec 5, 2024

Gigachad Price Prediction: GIGA Soars 28%, But Analysts Say This Cat-Themed Meme Coin Might Be Th...

Phantom Wallet Integrates Sui

PEPE Price Surge: Can the Bullish Flag Pattern Drive Prices to $0.000045?

Best Cryptos to Buy for 2025: Qubetics Presale Goes Ballistic, Binance Coin Hits ATH as Bitcoin C...

Weekly Article Recap: 11/18-11/22

Trump’s New Crypto Advisory Committee Expected to Create U.S. Bitcoin Reserve: Report

Join our free newsletter for daily crypto updates!